The country’s largest listed bulk grain handler earlier this month received a buyout proposal from asset manager LTAP in an all-cash deal for A$2.38 billion ($1.76 billion) or $10.42 per share.

“LTAP proposal at this stage is not sufficiently certain or in a form which would allow the Board to make a recommendation to shareholders,” said GrainCorp Chairman Graham Bradley in a letter to the shareholders of the company.

GrainCorp also sought additional information from LTAP on its longer-term financing plan and intentions. (Reporting by Aby Jose Koilparambil in Bengaluru Editing by Phil Berlowitz)